I am very confused just trying to enter opening balances on Sage for the bank accounts and it is now showing a credit it on suspense for all 3 accounts, I've read a few posts that say to raise journals and I need to know what journal to raise to clear the suspense account?
When you use the opening balance tab to set up bank accounts for the first time, Sage posts the other side of the double entry to Suspense. Assuming the company has been trading for a while and this is the first time it's been set up on Sage, when you post the rest of the opening balance sheet, the debit's for the various bank accounts are posted to suspense instead of e.g 1200.
That way suspense will be cleared.
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
This company has been operating for a year and the owner has been doing his own accounts and has asked for help setting it up on Sage 50 for the new financial year. He doesn't seem to have a balance sheet as such so I am putting in the three account opening balances and debtor and creditor balances.
Are you putting these balances on at the start of the new financial year? If so, he must have had some accounts done for the previous year? I assume he has an accountant? You can put the opening bank balances and creditor/debtor balances on now and when you get the BS from the accountant treat it like Tony has said and put the debit balances for the bank/debtors and credit balance for creditors to the suspense to clear it. The opening balance button is usually only used if you are entering a full Trial Balance and even then I wouldn't use it, I would do it via the nominal ledger.
